Can I buy multiple policies?
An individual person can buy any number of policies for himself from any number of Life Insurance companies, but this should be done as per the procedure only. It is compulsory to give all existing Life Insurance plan details to the new company while filling out the application form. In each company, there is a permissible limit considering their age and earnings. Considering Human Life value and every Life Insurance companies permissible limit, Life Insurance can be purchased.
Buying multiple policies are not recommended as this would increase the premium. The proposer needs to mention all his existing policies while filling out the new life insurance application. If not updated properly, this may lead to the cancellation of the policy during the time of any claims.
Most Life Insurance companies start reducing the life insurance cover when you grow old. It is better to buy Life Insurance when you are young and healthy. Nowadays, there are many term plans till the age of 85 years. That kind of plan would be a good choice.
It would be better to identify the best company in terms of reach, claim settlement in case of any eventuality.
Would my nominee get a tension-free claim for all policies?
It is always recommended to buy from one or two companies only. It is better to buy offline only, as the online DO-IT-YOURSELF (DIY) model is not recommended for Insurance and Investments purpose. As most of the applicants would be new to the system, they may tend to leave blank may field. The policy may be issued with the given information, but in case of any claims, this may become a big problem.
Buying online and depending on online claims is like
depending on a Call Center Agent
whom you haven’t ever seen, in case of claim??
The factor everyone should consider before buying the policy is who would help my nominee in case of any issue. Buying online is very easy and time-saving. But most of the proposers don’t believe what information they had given while giving the information.
Professional support is very much required for all Insurance and Financial transactions. Many pay for Insurance and Investment plans for years but don’t know whom to contact in case of any claim. The most fearful truth is many Insurance companies shift their office without even informing their policyholders.